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This is a pretty good article outlining the basics, and listing VORP leaders from 2006:
sports.espn.go.com/mlb/hotstove06/columns/story?columnist=neyer_rob&id=2751842
VORP is cumulative- should go up with more playing time unless a player is terrible- and is measured in runs. A guy with a 60 VORP over a full season added 60 more runs than a replacement level player. 10 runs is normally equated with 1 win, and for one player to add 6 wins is definitely good. If a guy plays a full season in your starting lineup, you'd probably want to see at least a 20-30 VORP at the minimum- something well above zero, in any case. Anyone with negative VORP doesn't belong in the Majors.
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